17 projects are set to share in $8.5 million of funding from AustCyber in a bid to help strengthen Australia’s cyber security sector.

Minister for Industry, Science and Technology, Karen Andrews, said the second round of AustCyber’s Projects Fund would further strengthen Australia’s cyber security capability.

“These projects offer a range of innovative, cyber security solutions that will help grow our national cyber security expertise, create more jobs and position Australia as a global leader in this rapidly evolving sector,” Ms Andrews said.

“The global cyber security market is projected to be worth almost US$270 billion by 2026, so investment in our cyber security capability is crucial.

“The Morrison Government is committed to supporting the Australian cyber security industry to develop expertise and harness opportunities for economic and global growth, now and into the future.”

AustCyber was established in 2017 as part of the Australian Government’s Industry Growth Centres Initiative and is designed to drive economic growth and create jobs in the sector.

AustCyber CEO, Michelle Price, said the growing demand for cyber security products and services provides significant economic opportunity for Australia.

“Supporting cyber resilience across the Australian economy through projects such as these improves our nation’s overall global competitiveness, as well as its security,” Ms Price said.

“The field of applications was highly competitive and covered a wide range of areas of cyber capability. AustCyber looks forward to working with the successful recipients and their partners as they deliver on their projects over the next twelve months.

“We will continue to identify and support cyber security innovation through to commercialisation.”

The AustCyber Projects Fund is a $15 million, three-year initiative designed to help the Australian cyber security industry grow both locally and globally.

The first round of AustCyber’s Projects Fund provided $6.5 million in matched funding to ten industry-led projects. The combined value of projects provide a total contribution of approximately $35.8 million to growing Australia’s cyber security sector which has the double benefit of delivering globally competitive cyber security capability to the world.